Special Insurance Policy Needed for Hydropower Sector, Says Baidwar

Kathmandu — Nepal Insurers’ Association President Birendra Baidwar Chhetri has emphasized the urgent need for a specialized insurance policy tailored for the hydropower sector, citing the unique risks and requirements associated with it.

Speaking at a program held to mark the sixth anniversary of the Nepal Insurance and Risk Management Association, Baidwar described hydropower as a vital pillar of Nepal’s economic development. He stressed that insurance plays a key role in attracting investment to the sector but noted that the current coverage under general property insurance is inadequate.

“Hydropower and general property insurance have different characteristics,” Baidwar explained. “That’s why we face various challenges during claim settlements.”

He added that while hydropower is currently insured under property insurance schemes, this structure does not address the sector’s specific complexities, leading to disputes and delays in payouts.